The global ultra-high purity manganese sulphate market is expected to be valued around US$ 1.8 Billion in 2029 and is projected to register a CAGR of 23.7% over the 10-year period. The ultra-high purity manganese sulphate market report has been segmented on the basis of product type, application, and region.

Ultra high-purity manganese sulphate (also referred as UHPMSM) is a key product used in manufacturing process of Nickel-Cobalt-Manganese (NMC) cathodes in batteries used for electric vehicles. HP MnSO4 is manufactured using different manganese products, however, high-purity electrolytic manganese metal (HPEMM) is majorly used as the primary raw material. In addition, with 99.7% purity standard EMM is presently trading at around US$ 2,500/ MT. However, HPEMM is not transacted publicly, but the contract prices are considerably higher than those of other standard EMM.

Although, UHPMSM or ultra-high purity manganese sulphate is used as precursor, current R&D activities from notable companies have highlighted this product in the recent times. In 2018, companies such as BASF with joined efforts with Umicore have developed NMC-370 and NMC-271, wherein the ratio of manganese is over 70% and the price of the battery has drastically reduced to US$ 40/kWh. This novel technology is expected to provide an exponential thrust to demand for manganese sulphate in the years to come.

Dynamics: Global Ultra-High Purity Manganese Sulphate Market

According to International Energy Agency, the total electric vehicle sales is expected to increase from 2.1 Million units in 2018 to over 42 Million units by 2030, with China accounting for over 40% sales in the global market. Robust growth of the electric vehicles industry is one of the major factors expected to drive growth of the global ultra-high purity manganese sulphate market in the coming years.

One of the major factors subduing the thriving growth of the EVs industry is the price of batteries. Currently, the batteries cost around US$ 120/kWh, and this is due to the high cost of its raw materials such as cobalt and nickel. Recent technological advancements and research towards development of cost-effective batteries is additional major factor expected to drive growth of the target market over the 10-year forecast period. For instance, BASF SE is putting efforts in development of revolutionary NMC-370, where the manganese content is much higher than conventional NMC batteries and which may cost only US$ 40/kWh.

Growing number of initiatives and regulations such as fuel economy standards, fiscal incentives, ZEV mandate, subsidies, among others, by governments of various countries is another major factor expected to drive growth of the global electric vehicles market, thereby impacting positively on growth of the global ultra-high purity manganese sulphate market.

Strong government support, apart from subsidies and tax relief for electric vehicles, is also expected to support growth of the global ultra-high purity manganese sulphate market to significant extent. For instance, Indonesia’s Ministry of Industry has plans to invest in manufacturing of electric vehicles. Indonesia is the largest economy in South East Asia, with annual car sales of approximately 1 Mn units and has an ambition to have electric vehicles account for 20% of the country’s traffic by 2025. The country has vast mineral reserves and is also looking to support the EV market by starting a plant to produce 50,000 MT of nickel hydroxide intermediates, 150,000 MT nickel sulphate crystals based batteries, 20,000 MT of cobalt sulphate batteries, and 30,000 MT of manganese sulphate batteries.

Further, production of UHPMSM can also produce by-products that are useful for fertilizers. Increasing initiatives and support for agriculture industry, particularly in Asia Pacific region, can also be supported with a supply of these by-products, thereby providing profitable avenues for revenue generation to the major existing players in the market.

Moreover, expanding scope of applications of Ultra-High Purity Manganese Sulphate (UHPMSM) as one of the key raw materials for producing chemical manganese dioxide, which is a key component of cathode material in lithium, modern alkaline, and sodium batteries, is a key factor expected to fuel global UHPMSM market growth to a significant extent over the next 10 years.

High demand for and adoption of non-manganese batteries is a factor that could hamper growth of the global market to some extent.

Opportunity Map Analysis:

Going by an optimistic scenario, the global ultra-high purity manganese sulphate market revenue is projected to expand at a CAGR of over 28% and reach a value of more than US$ 2000 Mn in 2029. Considering a likely scenario, the global market revenue is expected to expand at a CAGR of 23.7% and reach a value of around US$ 1800 Mn. While a conservative scenario would result in the global ultra-high purity manganese sulphate market registering a CAGR of around 18% and value of around US$ XX Mn over the 10-year period.

Global Ultra-High Purity Manganese Sulphate Market Segment Analysis:

By Type: The Ultra High-Purity Manganese Sulphate (UHPMSM) segment is projected to account for highest share in terms of revenue and register comparatively higher CAGR of over 28.6% over the 10-year period.

By Application: The battery use segment is expected to account for higher revenue share in the market and register higher growth of over 23.6% as compared to the other uses segment.

Asia Pacific ultra-high purity manganese sulphate market is expected to account for majority revenue contribution in the global market for the 10-year period and revenue from the Asia Pacific market is projected to expand at a substantially high compound annual growth rate over the next 10 years.

Europe market is projected to record second-highest revenue contribution in the market. The market in other regions (South America, and Middle East & Africa) is projected to register highest growth rate of over 59% over the 10-year period.

Key Developments by Companies:

In 2018, Toshiba launched its own battery technology called SCiB (Super Charge Ion Battery). As compared to conventional batteries, SCiB is considerably safe, has a large capacity, long lifespan which is 20 times greater than a VRLA battery’s lifetime, applicable for both very high and very low temperatures applications. The positive electrode of the battery contains manganese oxide, which claims that the battery can be charged in the space of less than 10 minutes.

In May 2018, Stanford scientists have developed a water-based battery that could provide a cheap way to store wind or solar energy, which can be fed back into the electric grid and redistributed on high demand. The prototype manganese-hydrogen battery, stands just three inches tall and generates a mere 20 MilliWatt hours of electricity, which is on par with the energy levels of LED flashlights one might hang on a key ring. The researchers coaxed a reversible electron-exchange between water and manganese sulphate, a cheap, abundant industrial salt used to make dry cell batteries, fertilizers, paper and other products. The electrons flowing in reacted with the manganese sulphate dissolved in the water to leave particles of manganese dioxide clinging to the electrodes. The researchers did this by re-attaching their power source to the depleted prototype, this time with the goal of inducing the manganese dioxide particles clinging to the electrode to combine with water, replenishing the manganese sulphate salt. Once this salt was restored, incoming electrons became surplus, and excess power could bubble off as hydrogen gas, in a process that can be repeated in cycles. The battery is expected to cost a penny to store enough electricity to power a 100-watt lightbulb for twelve hours.

OUR CLIENTS

Don't just take our word. We are trusted by these great companies!

MARKET RESEARCH REPORTS

Prudour Pvt. Ltd. delivers customized research solutions by actuating its broad spectrum of research methodologies, databases, and resources, and this is further strengthened by our global experience in syndicated and customized industry projects.